SAN DIEGO, Dec. 21 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has signed a new, long-term lease with
Regeneron Pharmaceuticals, Inc. for approximately 194,000 square feet of
office and laboratory space at the company's Landmark at Eastview property in
Greenburgh, New York.
Under the lease, Regeneron will relocate a majority of its existing
operations at the Landmark at Eastview to two of the three new state-of-the-
art buildings to be constructed by BioMed Realty Trust on the Landmark campus.
Regeneron will occupy one new building in its entirety and two floors of a
second new building. The remainder of the second building, as well as the
third new building, will be available for lease. In addition, Regeneron will
retain approximately 27,000 square feet of its existing space at the property.
BioMed has begun development of the new buildings and expects to complete
construction in the first quarter of 2008. The new buildings are being
designed by Tsoi/Kobus & Associates, Inc., with William A. Berry & Son, Inc.
as the general contractor. Following Regeneron's relocation, BioMed intends
to redevelop and offer for lease Regeneron's existing space at the Landmark at
"We are excited to enter into this new, long-term lease with Regeneron
Pharmaceuticals, one of our top ten tenants. The transaction is a
confirmation of BioMed's commitment to the New York market and its outstanding
academic and commercial institutions," said Alan D. Gold, President and Chief
Executive Officer of BioMed Realty Trust. "The Landmark at Eastview continues
to stand out as the premier life science facility in the region."
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused
on Providing Real Estate to the Life Science Industry(TM). The company's
tenants primarily include biotechnology and pharmaceutical companies,
scientific research institutions, government agencies and other entities
involved in the life science industry, and its properties and primary
acquisition targets are generally located in markets with well established
reputations as centers for scientific research, including Boston, San Diego,
San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey.
BioMed's real estate portfolio consists of 56 properties, representing 92
buildings with approximately 7.9 million rentable square feet in each of the
major life science markets in the United States. Additional information is
available at www.biomedrealty.com.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These
risks and uncertainties include, without limitation: general risks affecting
the real estate industry (including, without limitation, the inability to
enter into or renew leases, dependence on tenants' financial condition, and
competition from other developers, owners and operators of real estate);
adverse economic or real estate developments in the life science industry or
the company's target markets; risks associated with the availability and terms
of financing and the use of debt to fund acquisitions and developments;
failure to manage effectively the company's growth and expansion into new
markets, or to complete or integrate acquisitions successfully; risks and
uncertainties affecting property development and construction; risks
associated with downturns in the national and local economies, increases in
interest rates, and volatility in the securities markets; potential liability
for uninsured losses and environmental contamination; risks associated with
the company's potential failure to qualify as a REIT under the Internal
Revenue Code of 1986, as amended, and possible adverse changes in tax and
environmental laws; and risks associated with the company's dependence on key
personnel whose continued service is not guaranteed. For a further list and
description of such risks and uncertainties, see the reports filed by the
company with the Securities and Exchange Commission, including the company's
most recent annual report on Form 10-K and quarterly reports on Form 10-Q.
The company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE BioMed Realty Trust, Inc.
CONTACT: Kent Griffin, Chief Financial Officer of BioMed Realty Trust,
Web site: http://www.biomedrealty.com